Does More Corporate Governance Information Disclosure Predict Higher Management Expenses? Evidence From Chinese Site Visit Disclosures

In this paper, we use site-visit information disclosures of Chinese A-share listed firms (2012–2021) to predict management expenses. We find that ownership concentration drives corporate governance disclosures that predict management expenses, indicating that our content analysis is informative and can help mitigate agency problems. These effects differ between state-owned and non-state-owned firms. Robustness checks confirm that the results are consistent.